Scottish independence: Salmond warns over cost of currency union block

The first minister has warned that Chancellor George Osborne's decision to rule out a currency union with an independent Scotland will cost businesses south of the border "many hundreds of millions" of pounds.

Alex Salmond hit back at Mr Osborne after he rejected a formal currency union in the event of a Yes vote in the referendum.

Mr Salmond said the chancellor had ignored research by the Fiscal Commission Working Group, which had been set up to consider the requirements for a sterling zone if Scotland becomes independent.

Mr Salmond quoted Professor Christine Bell when he said that if the UK claimed all the assets, it would also get all of the debt.